Customers may lose bank accounts if update is not done in 16 days

Source The Ghana Report

Customers who fail to update their bank accounts with the Ghana Card risk not being able to perform any financial transactions by July 1.

Customers have less than 16 days to update their bank records.

In furtherance of its objective of ensuring the safety of the financial system, the Bank of Ghana, earlier in January issued the directive to all financial institutions.

“With effect from 1st July 2022, the Ghana Card shall be the only identification card that will be used to undertake transactions at all Bank of Ghana licensed and regulated financial institutions,” a statement from the apex bank said.

Its been over 5months since the directives were issued yet a lot of customers have not updated their records. Some banks including GCB, CAL Bank, and Stanbic, have begun sending prompt messages to their customers reminding them of a Bank of Ghana (BoG) directive.

” In 20 days, you will not be able to perform transactions without your Ghana Card per the BoG directive.” a text from Stanbic on Sunday, June 12, read.

Financial institutions that will not accept customers who fail to update their records include Banks; Specialised Deposit-Taking Institutions; Non-Deposit-Taking Financial Institutions; Payment Service Providers and Dedicated Electronic Money Issuers; Forex Bureaus and Credit Reference Bureaus.

“All Bank of Ghana licensed and regulated financial institutions including; Banks,  Specialized Deposit-Taking Institutions,  Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureaus, and Credit Reference Bureaus.

“The Public is to note that no other form of identification will be accepted for financial transactions in all Bank of Ghana regulated financial institutions after the effective date stated above”.


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